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Blocked Account Control Agreement

Blocked Account Control Agreement Template for Singapore

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Key Requirements PROMPT example:

Blocked Account Control Agreement

"Need a Blocked Account Control Agreement for a Singapore infrastructure project where multiple lenders require control over the borrower's revenue account, with the agreement to take effect from March 1, 2025."

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What is a Blocked Account Control Agreement?

The Blocked Account Control Agreement is essential in secured financing transactions where a lender requires control over a borrower's bank account as collateral. This document, governed by Singapore law, establishes the rights and obligations of the account owner, the bank, and the secured party. It details the mechanisms for controlling the account, conditions for releasing funds, and the process for exercising security rights. The agreement is particularly important in project finance, structured finance, and corporate lending scenarios where account control is a key security requirement.

What sections should be included in a Blocked Account Control Agreement?

1. Parties: Identifies all parties: Account Owner, Account Bank, and Secured Party

2. Background: Explains the context of the agreement, including reference to any underlying security arrangements

3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Instructions, etc.

4. Account Control: Core provisions establishing control over the account and operation mechanisms

5. Security Interest: Provisions confirming and protecting the secured party's security interest

6. Instructions and Rights: Details who can give instructions and when, including notice requirements

7. Bank's Rights and Responsibilities: Specifies the bank's obligations, protections, and limitations of liability

8. Representations and Warranties: Standard representations from all parties regarding authority and capacity

9. Termination: Conditions and process for terminating the agreement

What sections are optional to include in a Blocked Account Control Agreement?

1. Services Fee: Details of any fees charged by the Account Bank for maintaining the blocked account

2. Electronic Communications: Provisions for electronic instructions and communications when parties agree to use electronic methods

3. Foreign Currency Provisions: Specific provisions for handling foreign currency accounts when applicable

4. Multiple Secured Parties: Provisions for coordination among multiple secured parties when there is more than one secured party

What schedules should be included in a Blocked Account Control Agreement?

1. Form of Notice of Exclusive Control: Template notice to be used when secured party exercises exclusive control

2. Authorized Signatories: List of persons authorized to give instructions for each party

3. Account Details: Specific details of the blocked account(s)

4. Fee Schedule: Details of any applicable fees and charges

5. Form of Amendment: Template for making amendments to the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Banking Act (Cap. 19): Primary legislation governing banking institutions and operations in Singapore, establishing the framework for banking regulation and supervision

Securities and Futures Act (Cap. 289): Regulates securities, futures, and derivatives markets, including requirements for security interests and financial collateral arrangements

Companies Act (Cap. 50): Governs corporate entities in Singapore, including provisions relating to company accounts and security interests

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore providing specific requirements for financial institutions

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore, including account and fund transfer requirements

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data, affecting how account information must be handled

Singapore Contract Law: Common law principles governing contract formation, validity, and enforcement in Singapore

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures in Singapore

Unfair Contract Terms Act: Regulates unfair terms in contracts, ensuring fairness and reasonableness in contractual relationships

AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations requiring specific compliance measures

MAS Notice 626: Specific requirements for banks regarding prevention of money laundering and terrorism financing

Insolvency, Restructuring and Dissolution Act 2018: Governs insolvency proceedings and creditor rights, crucial for security interest enforcement

SWIFT Regulations: International banking communication standards affecting cross-border transactions and account management

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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